Gold Bulletin

Thursday, August 20, 2026

Gold Market Context: Macro Drivers

Key macro instruments that drive gold price movements: dollar, yields, risk appetite

Market Commentary

Today's Interesting Company News

Sitka Gold Completes Acquisition of 100% Interest in the Clear Creek Property at Its RC Gold Project, Yukon

(TSXV: SIG) Sitka Gold Corp. has completed its previously announced accelerated acquisition of a 100% interest in the Clear Creek Property from the Receiver of Victoria Gold Corp., following the granting of an approval and vesting order by the Ontario Superior Court of Justice (Commercial List) on August 18, 2026. This transaction consolidates Sitka's 100% ownership of the contiguous 447-square-kilometre RC Gold Project in Yukon. The 2026 drill program at the RC Project continues to successfully intersect broad zones of Reduced Intrusion-Related Gold (RIRG) mineralization at the Blackjack, Eiger, and Rhosgobel deposits. Highlights include drill hole DDRCCC-26-132, which intersected 218.6 metres of 1.25 g/t gold, including 44.4 metres of 3.86 g/t gold, and a second interval of 92.7 metres of 1.14 g/t gold, and drill hole DDRCCC-26-128 which intersected 348.0 metres of 1.12 g/t gold, including 164.0 metres of 1.83 g/t gold, 45.0 metres of 3.49 g/t gold, 2.0 metres of 15.35 g/t gold and 2.0 metres of 13.65 g/t gold at Blackjack. To date this year, approximately 37,000 metres of drilling and 76 drill holes have been completed as part of a planned 60,000 metre drill program for 2026. The RC Gold Project hosts an indicated MRE of 1,291,000 ounces of gold and an inferred MRE of 3,829,000 ounces of gold hosted within three at-surface, road-accessible pit constrained deposits. Initial bottle roll metallurgical testing confirmed the non-refractory characteristics of the gold mineralization and returned gold extraction rates averaging around 85% for the Blackjack and Eiger deposits.

Lion One Drills 4.2 M of 715.15 G/t Gold Near Underground Development at Tuvatu Gold Mine in Fiji

(TSXV:LIO) (OTCQX:LOMLF) Lion One Metals Limited reported significant new high-grade gold results from 3,337.30 meters of underground infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The company announced a top new drill result of 715.15 g/t Au over 4.2 m, including 6,571.20 g/t Au over 0.45 m, from hole TGC-0650 at 121.1 m depth. Additional notable results include 35.24 g/t Au over 5.1 m (including 325.75 g/t Au over 0.4 m), 40.93 g/t Au over 3.6 m (including 162.75 g/t Au over 0.5 m), and 237.58 g/t Au over 0.4 m. Drilling intersected high-grade mineralization in 14 out of 18 drillholes, with three drill holes abandoned. Most high-grade drill intersects are located within 15 m to 75 m of underground development and are anticipated to be incorporated into the mine plan within the next twelve months. The headline interval of 4.2 m of 715.15 g/t gold is located 55 m from the Western Decline and intersected a shallow-dipping roscoelite bearing vein that is part of the Murau lode system. The Ura shrinkage stope, located on Level 1116 approximately 100 m above these drill results, returned 5,704 tonnes at 10.6 g/t gold.

Bold Ventures to Drill at Traxxin Gold Project

(TSXV: BOL) Bold Ventures Inc. has initiated a follow-up program at the Traxxin Gold Project, located 130 kilometers west-northwest of Thunder Bay, Ontario, in preparation for diamond drilling in the coming weeks. The final results from the Spring 2026 diamond drilling program at the Traxxin Main Zone consisted of two holes totalling 483 meters. Hole TX-26-02 included an interval of 100.7 g/t gold over 2.95 meters within a quartz vein on the east side of the Zone, hosting numerous specks of visible gold. An additional anomalous gold zone was intersected further downhole in TX-26-02, suggesting a parallel gold-bearing shear zone to the east of the Main Zone. Hole TX-26-01 returned anomalous gold values including 0.63 g/t gold over 1.0 meters and 0.60 g/t gold over 0.48 meters from shear-fracture zones with quartz veining within the host tonalite. A follow-up drilling program is planned to commence in the coming weeks and will target the gold-bearing vein intersected in hole TX-26-02. The gold-bearing vein was first intersected in a 2017 drillhole, BED-17-005, which returned 6.59 g/t gold over 2.7 meters, and was exposed on surface in Bold's 2021 mechanical stripping program, with channel sampling results including 9.1 g/t gold over 0.9 meters.

U.S. Gold Corp. Provides Update

(NASDAQ: USAU) U.S. Gold Corp. has transitioned the CK Gold Project from exploration to a development asset, making it one of the few fully permitted, shovel-ready gold-copper projects in the United States. The March 2026 Feasibility Study indicates an after-tax NPV5% of $632 million at $3,250/oz Au, $4.50/lb Cu, and $40/oz Ag, with a 27% after-tax IRR and approximately 2.5-year payback. At recent spot prices (~$4,500/oz Au and $4.50/lb Cu), after-tax NPV5% would be approximately $1.37 billion, with a higher IRR and a ~1.6-year payback. The FS outlines an 11-year mine life at ~20 kt/d and average production of ~85,000 AuEq oz/year, with proven and probable reserves totaling ~1.6 Moz AuEq. Initial capital is estimated to be ~$394 million (plus pre-production owners' costs), and the company had a cash position of approximately $31 million as of April 30, 2026. The company is exploring the spin-out of the Keystone Project as a standalone exploration company to minimize additional dilution. U.S. Gold Corp. is actively considering all strategic opportunities for the Company and the Project.

Mackay Gold & Silver Adds Second Drill Rig to Test the Historic Sutro Tunnel Intersection of the Occidental-Brunswick Lode at Depth, Comstock District, Nevada

(TSXV: MACK) (OTCQB: MKGSF) Mackay Gold & Silver Corp. has mobilized a diamond core drill rig to its 100%-owned Comstock District project in Nevada and has commenced drilling. The core rig marks the start of the approximately 5,000-meter core drilling component of the Company's inaugural 20,000-meter Phase 1 drill program, operating alongside the reverse circulation (RC) rig that has been drilling since mid-June. A total of 25 RC holes for approximately 4,000 meters has been completed to date at Occidental South, targeting shallow oxide-gold mineralization. The Company is fully funded following a go-public financing in April 2026 that raised approximately $60M USD. The Comstock District produced approximately 8.2 million ounces of gold and 192 million ounces of silver between 1859 and 1926, with the historic 'bonanza lodes' averaging approximately 35 g/t gold and 726 g/t silver. The 2026 program pairs RC drill rig testing of shallow, oxide mineralization at 100 to 250 metre depths across 80 to 100 drill holes within a 1,000-metre by 400-metre area at the Occidental South zone, with the core rig now testing the deeper, high-grade potential of the Occidental-Brunswick structure. Assays are pending for all drill holes, with first RC results expected in the coming weeks.

Magna Terra Reports Initial Results From Early Exploration at the Prospect Or's Dream Epithermal Gold Project, New Brunswick; Identifies New Mineralized Trends and Expands the Project Footprint

(TSX-V: MTT) Magna Terra Minerals Inc. announced results from its initial prospecting and geological mapping programs on the Prospect Or's Dream Project, which comprises 18,798 hectares in 28 mineral claims along a 30-kilometre extent of the Moose Lake Fault Zone. The company collected and analysed a total of 310 rock grab float and outcrop samples, with assays returned for 264 samples, showing gold assays up to 1.97 g/t and silver assays up to 34.7 g/t. Early prospecting led to additional staking of 2 claims covering 2,875 hectares to the east and southeast of the Blitzen Prospect. The company plans to complete 1,000 B-horizon soil samples and 1,042-line kilometres of airborne magnetic and electromagnetic surveying in the remainder of the summer and into the fall. At Pringle Brook, rock sampling returned multiple gold assays up to 0.231 g/t. Magna Terra Minerals Inc. has optioned the Great Northern Project in Newfoundland to Gold Hunter Resources Inc. for total cash and share consideration of $10.075 million over a 4-year period and currently holds an approximate 19% equity interest in Gold Hunter. The company has also optioned the Luna Roja Project in Argentina to Lunex Metals Corp for total cash and share consideration of $2.375 million over a 4-year period.

Blue Star Gold Announces Phase 2 Exploration Drilling Results at Nutaaq, Returning 8.0 Metres of 2.56 G/t Au Including 1.5 Metres of 7.41 G/t Au

(TSXV: BAU) (OTCQB: BAUFF) Blue Star Gold Corp. announces initial results from its 2026 Exploration Program - Phase 2 drilling at the Nutaaq (North) target. All five of the initial drill holes at the North Nutaaq trend intersected the targeted structures with varying amounts of gold mineralisation within wider alteration zones. Drill hole 26UND003 returned 1.2 metres of 8.66 grams/tonne gold from 49.8 m downhole and 8.0 m of 2.56 g/t Au from 74.0 m downhole, including 1.5 m of 7.41 g/t Au within an alteration corridor 12 metres in core length. Drill hole 26UND004 returned 3.4 m of 2.70 g/t Au from 36.3 m within an alteration zone 3.8 metres in core length. Drill hole 26UND001 intercepted a 2.4 m interval at the target structure within gabbro that graded 1.06 g/t Au within an alteration zone of 3.5 m core length. Drill hole 26UND002 intersected a broad 5.7 m long zone of quartz veining with alteration and several sulphide-rich veins returning 1.74 g/t Au over 1.5 m. Drill hole 26UND005 returned 1.26 g/t Au over 0.6 m from 94.4 m, 1.21 g/t Au over 0.8 m from 103.2 m, and 1.01 g/t Au over 1.3 m from 117.5 m.

Benton Trenching Program in Progress at Dominion Project and Discovers New Gold Zone at Stoney Caldera

(TSXV: BEX) Benton Resources Inc. has completed multiple trenches on the Dominion project, successfully exposing the Rickirb gold zone over an intermittent strike length of 210 m, which remains open to the NE and SW. A total of 150+ channel samples have been cut and sent for gold/ICP analysis, and further sampling is ongoing. The Company acquired the Dominion Lake Project in 2024 after a large parcel of land became available for staking, and has since accumulated a very large and prospective land position with many new discoveries in excellent geology. Current target areas include a new Gold Zone at Bear #3, with grab samples up to 10.8 g/t Au, and the Rickirb gold zone with grab samples up to 6.41 g/t Au returned from over 200 m of intermittent bedrock exposure. The Trinity Base Metal Zone has surface samples returning assays up to 14.6% Zn, 1.31% Pb, 2.53% Cu, 68.7 g/t Ag and 0.17 g/t Au. At Bear #2, a high-grade float sample returned 19.2% Zn, 0.09% Cu, 2.26% Pb, 80.9gpt Ag & 2.27gpt Au with an associated VLF anomaly to the immediate north. The Company has identified a potential new gold horizon named the new Reid Zone at its Stoney Caldera Copper-Gold Project, where ten grab samples collected from an area of sub-crop and angular boulders traced for over 600 m returned anomalous results from 82 ppb to 2,014 ppb (2.01g/t) with 50% grading greater than 500 ppm (0.5g/t). The planned spinout of the high-grade Great Burnt Copper-Gold project is well underway with financial carveouts, technical report update and listing documents in full swing.

STLLR Gold Welcomes Proposed Arctic Economic and Security Corridor Alignment, Highlighting Potential Strategic Benefits to the Colomac Gold Project

(TSX: STLR) STLLR Gold Inc. welcomes the alignment reached between the Tłı̨chǫ Government and the Yellowknives Dene First Nation on the proposed corridor for the Arctic Economic and Security Corridor (AESC), a planned 400-kilometre all-weather road extending north from Yellowknife, Northwest Territories, to the Nunavut border. The AESC has been referred to Canada's Major Projects Management Office for evaluation and potential accelerated federal funding and regulatory review. The proposed corridor would bring all-weather road access within approximately 30 kilometres of STLLR's Colomac Gold Project. If constructed, the AESC would establish a more direct connection to Yellowknife and port access for Colomac, offering the potential for substantial logistical efficiencies, cost savings, and the opportunity for critical mineral exploration at the project. STLLR Gold Inc. is actively advancing high-potential gold projects in Canada: the Tower Gold Project and the Hollinger Tailings Project in the Timmins Mining Camp in Ontario, and the Colomac Gold Project located north of Yellowknife, Northwest Territories. Tower and Colomac have the potential to become large-scale, long-life operations and are surrounded by exploration land with favourable upside potential. Hollinger has the potential for near-term value creation.

Critical One Energy Discovers Gold With More High-Grade Antimony at Howells Lake Project

(CSE: CRTL) (OTCQB: MMTLF) Critical One Energy Inc. announced new assay results identifying additional near-surface antimony mineralization, confirming the Northeast extension of a high-grade antimony zone, and discovering gold mineralization at its flagship Howells Lake Antimony-Gold Project in northwestern Ontario, Canada. Drillhole HWL-2026-016 returned 31.5 metres grading 4.9% antimony, including 4.0 metres at 21.2% antimony, and a separate interval of 13.9 metres grading 6.6% antimony, including 1.0 metre at 36.9% antimony. HWL-2026-003 returned 6.0 metres grading 2.9% antimony, including 1.5 metres at 6.5% antimony, from 62 metres downhole. HWL-2026-005 returned 1.7 metres grading 7.0% antimony from approximately 72 metres downhole. HWL-2026-016 also returned 17.0 metres grading 1.3 g/t gold, including 3.0 metres at 2.0 g/t gold, with additional gold occurring in partial overlap with the lower portion of the 31.5 metre antimony interval. HWL-2026-011 returned 12.0 metres grading 1.3 g/t gold, including 1.0 metre at 9.1 g/t gold, with additional gold intersected in Holes 8 and 12. The current drill program is designed to establish geometry, true widths, grade distribution and continuity, while increasing drill density to provide the data required for potential future resource modelling.

XAU Resources Enters Into Option Agreement to Acquire 100% Interest in Matthews Ridge Gold Project, Guyana

(TSXV: GIG) XAU Resources Inc. has entered into an option agreement dated August 18, 2026 with Consolidated Northwest Resources Inc., granting XAU an exclusive option to acquire a 100% interest in the Matthews Ridge Gold Project in northwestern Guyana, subject to a 2% net smelter return royalty. The Matthews Ridge Property comprises 15 medium-scale mining permits covering approximately 6,097 hectares (60.97 km 2 ) and is located approximately three km south of the town of Matthews Ridge. To maintain the option during the initial four-year option period, XAU is required to make non-refundable cash payments totaling US$2,010,000 and incur aggregate qualifying work expenditures of not less than US$5,000,000 on the Property. XAU may extend the option for up to two additional one-year periods by making a payment of US$500,000 for each extension and incurring an additional aggregate US$5,000,000 in qualifying work expenditures by the end of the last extension period elected. XAU may exercise the option at any time during the option period by paying all option payments then due, satisfying the applicable work commitment and making a US$5,000,000 cash exercise payment to the Optionor. Upon exercise of the option, XAU will acquire a 100% legal and beneficial interest in the Property, subject to a 2% NSR retained by the Optionor. The Option Agreement provides XAU with the exclusive right to act as operator and conduct exploration and development activities on the Property during the option period.

Sirios Intersects 2.4 G/t Gold Over 48.5m and Confirms the Cheechoo Deposit's Extension Beyond the 2025 Resource Estimate

(TSXV: SOI) (OTCQB: SIREF) Sirios Resources Inc. announces the assay results of the first 5 holes totaling 1,753 m of Phase 1 drilling at its Cheechoo gold project, located in the Eeyou Istchee Baie-James region of Quebec, Canada. Highlights from these first results include: 2.40 g/t Au over 48.5 m, including 77.65 g/t Au over 1.1 m (CH26-326); 1.49 g/t Au over 37.6 m (CH26-326); 1.16 g/t Au over 32.2 m, including 12.88 g/t Au over 1.5 m (CH26-327); 2.28 g/t Au over 10.3 m, including 10.39 g/t Au over 1.5 m (CH26-327); and 0.77 g/t Au over 10.3 m (CH26-300E). Visible gold has been observed in several locations in 8 drill holes, including drill hole CH26-326, and 7 others for which assay results are pending. To date, 33 holes have been completed and four more are in progress for a total drilled length of 13,555 meters, including the extension of hole #300 (CH26-300E). Four drill rigs remain in operation at Cheechoo. Cheechoo is in the resource development stage, with 35 Mt of indicated resources at 1.12 g/t (1,262 koz) and 42.7 Mt of inferred resources at 1.23 g/t (1,688 koz). In addition, a conceptual exploration target of 31 to 40 million tonnes of mineralization grading between 1.27 and 1.45 g/t Au has been estimated.

1911 Gold Reports Positive Metallurgical Results of 93.7% for True North and 96.3% for Ogama-Rockland

(TSXV:AUMB) 1911 Gold Corporation reported the results of metallurgical gold recovery test-work performed on mineralized samples from the True North Gold Project and the Ogama-Rockland Gold Project on its 100%-owned Rice Lake property in southeast Manitoba, Canada. Metallurgical test work on a 130 kg sample from True North with a measured head grade of 1.82 g/t Au showed total gold recoveries averaging 93.7%, with 51.0% Au recovered by gravity concentration and 44.5% reporting to the flotation concentrate. Leach recovery averaged 95.5% Au from the reground flotation concentrate, with a 24-to-48-hour leach residence time and moderate to low reagent consumption. The Ball Mill Work Index was measured at 14.1 kWh/t, indicating the low end of the medium hardness range, and environmental tests showed no acid-generating or deleterious metal leaching potential. Preliminary metallurgical test work on a composite sample from Ogama-Rockland with a measured head grade of 4.65 g/t Au showed total gold recovery of 96.3% based on a Gravity-Flotation-Regrind-Leach flowsheet, with 82.0% Au recovered by gravity concentration and 97.7% Au by leaching the reground flotation concentrate. A successful commissioning run of the True North primary ball mill was conducted on August 10, 2026 after installation of new ball mill liners, lifters, and a new gear lube system in preparation for test mining and milling.

Provenance Gold Commences Drilling at Its Eldorado West Project

(CSE: PAU) (OTCQB: PVGDF) Provenance Gold Corp. is pleased to announce that drilling is underway at its Eldorado West Project in Malheur County, Oregon. In 2025, the Company drilled over 7,500 metres at Eldorado West and found both high-grade gold and new discoveries at Herman as well as at previously undrilled areas south of the Tyee. The 2025 drilling campaign at Eldorado West Project in Eastern Oregon totalled 7,562 metres, combining reverse circulation (RC) and diamond core drilling across the Tyee and Herman Areas. The RC program drilled 5,538 metres (holes ED-12 through ED-36), testing and extending known mineralization across Zones 1 through 4 of the Tyee Area and stepped out approximately 730 metres south into the newly discovered Herman Area. A second rig completed 2,024 metres of diamond core (holes EC-04 through EC-09) concentrated on the Herman Area and a previously untested corridor connecting Zones 2 and 3 of the Tyee Area. The 2025 program delivered standout intercepts, including bonanza-grade hits exceeding 160 g/t gold, broad near-surface intervals over 100 metres in length, and the discovery of an entirely new high-grade zone at Herman. The Company has secured a 1,600-square-foot facility in Vale, Oregon, approximately 40 minutes from the property, for core cutting, logging, assessment and storage.

Titan Minerals Uncovers New Shear-Hosted Gold Zone at Dynasty Project in Ecuador

(ASX:TTM) Titan Minerals has identified a new zone of shear and vein-hosted gold-silver mineralisation outside the current resource at its 100%-owned Dynasty gold project in southern Ecuador, specifically at the Cerro Verde prospect. Diamond drilling at the Brecha-Comanche target returned 33.5 metres at 6.6 grams per tonne gold and 55.5g/t silver from 236.7m downhole, including a higher-grade interval of 4.5m at 39.5g/t gold and 362g/t silver. The mineralisation is associated with a shear zone within a northwest-trending structural corridor measuring about 1.6 kilometres by 800m. The company has designed follow-up holes perpendicular to the interpreted structures, with drilling expected to begin within the coming fortnight once new platforms are prepared. Titan continues a 10,000m resource definition drilling program at Cerro Verde ahead of a planned Dynasty mineral resource estimate (MRE) update in early 2027. The current Dynasty MRE totals 65.55 million tonnes at 1.85g/t gold and 12.38g/t silver for 3.90 million ounces of gold and 26.10Moz silver, including 2.70Moz of gold at Cerro Verde. Three diamond rigs are operating at Dynasty and a reverse circulation rig is expected in early October to undertake shallow resource infill drilling and first-pass testing of exploration targets.

Barton Gold Initiates Sterilisation Drilling Program at Tunkillia Project in SA

(ASX:BGD) (OTCQB:BGDFF) Barton Gold has commenced a sterilisation drilling program at its Tunkillia project in South Australia. An optimised scoping study (OSS) released in May 2025 outlined a compelling development project at Tunkillia combining scale and rapid capital payback, with a pre-feasibility study (PFS) now underway to support a mining lease application and financing. The PFS will feature multiple work programs including an expanded Phase 2 campaign comprising 60,000 metres of reverse circulation drilling and 3,000m of diamond work scheduled for September. The project’s S1 starter pit was modelled to yield 206,000 ounces of gold and 491,000oz silver at a cash cost of $997/oz to produce over $800 million in operating cash. The S1 and S2 pits are expected to produce a combined 365,000oz of gold, 923,000oz silver and $1.7 billion in operating free cash during the first 27 months (assuming current commodity prices). A total of 520 reverse circulation and diamond holes for 57,653 metres was recently completed at Tunkillia as part of Phase 1 and Phase 2 campaigns with the aim of upgrading mineralisation identified in the OSS to the Measured and Indicated categories. The Measured and Indicated material is expected to be converted to proven and probable ore reserves in the PFS (subject to technical assessment) and confirm high-confidence in Barton’s accelerated cash flow profile to underwrite development finance.

Tivan Secures Option Over Exploration Licence Next to Baucau Copper-Gold Project in Timor-Leste

(ASX:TVN) Tivan and its subsidiary Aitutu have signed an agreement with Iron Fortune for an option to acquire an exploration and evaluation licence west of Tivan’s Baucau copper-gold-critical minerals project in the Democratic Republic of Timor-Leste. The 48-square-kilometre area is considered highly prospective for base metals mineralisation and provides Tivan with an opportunity to further expand Baucau’s footprint. Under the terms of the acquisition, Tivan will pay $125,000 upfront to Iron Fortune and sole fund a minimum $75,000 on exploration to be conducted and managed by Aitutu. Should Tivan elect to exercise the option before 30 June 2027, the total consideration will increase to $500,000, comprising a $250,000 cash payment and the issue of Tivan shares to the same value, with the total number of shares based on the 10-day volume weighted average price. Rock chip sampling by Tivan has returned assay results of up to 0.76% copper and 9.3 grams per tonne gold, consistent with results by previous project owner Beacon Minerals (ASX: BCN) that included 4.18% copper, 37.8g/t gold and 1.12% cobalt. Tivan recently established an exploration compound at Baucau, securing a lease over a permanent field house to support expanding exploration activity in the region. The company executed binding term sheets in May with state-owned mining company Murak Rai Timor EP for the establishment of joint ventures at Baucau and Ossu.

You are receiving this email because you subscribed to Gold Bulletin. • goldbulletin.io • Unsubscribe

© 2026 Gold Bulletin